Renovated Duplex Income
For Sale
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928 Fra Mar Place # 2, Fort Pierce, FL 34982
Well-maintained duplex with renovated 3-bedroom unit and a separate currently rented 2-bedroom unit for flexible occupancy.
Property Size2,154 SF
Price / SF$181.01
Days on Market118
Property Features for 928 Fra Mar Place # 2
General Information
Standard status
Active
Size
2,154 SF
Property subtype
Multifamily
Zoning
RM-11 - Co
Building Details
Year Built
1963
Units
2
Listing Agency:
1st Class Real Estate Paradise
Listed By:
Covasky Brutus · License #3458280
Source:
Crexi
Added: Apr 14
Changed: Aug 7
Last Checked: Aug 5 at 10:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of 1st Class Real Estate Paradise
Investment Insights
Based on property information with market context.
This well-maintained duplex includes two separate units, with a recently refreshed exterior and a durable metal roof. Unit 1 is a renovated 3-bedroom, 1-bath home featuring new kitchen cabinets and countertops, updated light fixtures, brand-new appliances including a refrigerator and stove, and tile flooring throughout. Unit 2 is a 2-bedroom, 1-bath unit that is currently rented and occupied.
The property is located at 928 Fra Mar Place #2 in Fort Pierce, FL 34982. As a duplex, it offers two independent living spaces within a single ownership.
For buyers looking for rental income or an owner-occupant setup, the layout provides straightforward flexibility: one unit can be used personally while the other remains rented. With Unit 1’s recent interior updates and Unit 2’s existing tenancy, this configuration can be appealing to investors and owner-occupants seeking a duplex with attention to upgrades and day-to-day manageability.
The property is located at 928 Fra Mar Place #2 in Fort Pierce, FL 34982. As a duplex, it offers two independent living spaces within a single ownership.
For buyers looking for rental income or an owner-occupant setup, the layout provides straightforward flexibility: one unit can be used personally while the other remains rented. With Unit 1’s recent interior updates and Unit 2’s existing tenancy, this configuration can be appealing to investors and owner-occupants seeking a duplex with attention to upgrades and day-to-day manageability.
Key Highlights
- 1963‑built duplex with freshly painted exterior and a metal roof
- Unit 1: renovated 3‑bedroom, 1‑bath with new kitchen cabinets and countertops, updated light fixtures, tile flooring
- Unit 1 includes brand‑new appliances (including refrigerator and stove)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,632
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,640
$632.6K
Cap Rate 7%
$451,886
$451.9K
Cap Rate 9%
$351,467
$351.5K
Market Conditions
NOI Build-Up for 2,154 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.8K $22.20/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$45.2K $20.98/SF
− OpEx
−$13.6K −$6.29/SF
NOI
$31.6K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,640
Cap Rate 7%
$451,886
Cap Rate 9%
$351,467
Alternative Uses
Best Use
Multifamily LT 5
$451.9K
$395.4K – $527.2K
NOI $31,632 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$419.6K
$367.1K – $489.5K
NOI $29,369 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$541.7K
$474.0K – $632.0K
NOI $37,919 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with renovated 3-bedroom unit and a separate currently rented 2-bedroom unit for flexible occupancy.
Where is this duplex located?
The property is located at 928 Fra Mar Place # 2 Fort Pierce, FL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 1963‑built duplex with freshly painted exterior and a metal roof; Unit 1: renovated 3‑bedroom, 1‑bath with new kitchen cabinets and countertops, updated light fixtures, tile flooring; Unit 1 includes brand‑new appliances (including refrigerator and stove)
